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Rensselaer Launches New Business Incubation Program

News Categories

Rensselaer Launches New Business Incubation Program

New Program Designed To Accelerate Growth of New
Businesses Through an “Emerging Ventures Ecosystem” That
Coherently Links Institute Resources and Alumni Expertise
With Community Strengths

Building on decades of successful efforts to nurture new
businesses and bring ideas from classrooms and labs to the
marketplace, Rensselaer Polytechnic Institute is launching a
distributed incubation program to help young businesses grow
and succeed.

The new program, called the Emerging Ventures
Ecosystem (EVE), will have a particular focus in areas of
Rensselaer’s signature research strengths and will help
start-up businesses take root in Troy and the Capital Region.
The new incubation program was launched at a ceremony Feb. 7 in
downtown Troy. Rensselaer President Shirley Ann Jackson, along
with federal, state, and local government leaders and business
officials, spoke at the launch.

“Rensselaer is a world-class research university where
entrepreneurship is a core focus. Not only do we conduct
ground-breaking research, but we also find ways to foster the
movement of ideas, inventions, and research results from the
nurturing environment of the classroom and laboratory into the
real world, where businesses can transform them into products
and services that stimulate the economy, generate jobs, create
social impact, and build new industries,” said President
Jackson. “This new model, which places business incubation
within a supportive innovation ecosystem, takes on the unique
challenges of the 21st century marketplace, and — we are
confident — will play a critical role in the long-term national
effort to build a revitalized, robust economy.”

The Emerging Ventures Ecosystem builds on more than
30 years of the Institute’s previous incubator program, the
nation’s first such program wholly sponsored and operated by a
university. Capital Region companies ranging from MapInfo to
successful video game company Vicarious Visions grew out of the
previous incubator. The new EVE program will utilize an
innovative distributed incubation model, maintaining a central
office in the Rice Building at 216 River St., Troy, and working
with each company to find an ideal matchup of space to
enterprise in Troy and the surrounding area. EVE will be
overseen by Richard Frederick, an experienced entrepreneur and
a faculty member in the Rensselaer Lally School of Management
and Technology.

“In order to remain competitive in a global economy, I
strongly believe that America must continue to invest in
science, research, and technology — the building blocks of an
innovation economy,” said U.S. Congressman Paul Tonko. “I
congratulate Dr. Jackson and RPI as they announce the Emerging
Ventures Ecosystem and I applaud these efforts that will launch
new technology companies and create jobs in the Capital Region
and beyond.”

“RPI has once again proven that it is an outstanding
academic institution dedicated to helping local small
businesses grow, achieve, and succeed in the Capital Region. I
commend RPI for this innovative program that will help our
local community in a positive way,” said State Senator Roy
McDonald.

“The EVE program is the latest example of RPI as a global
leader in innovation,” said State Assemblyman and Majority
Leader Ron Canestrari. “This new approach will harness the
creativity of some of the best and brightest young minds in the
world and build upon the university’s proud tradition of
academic and entrepreneurial excellence.”

“Rensselaer’s Emerging Ventures Ecosystem program will take
advantage of the ideas and science generated in the classrooms
by supporting the entrepreneurs who seek to turn those ideas
into new technology and eventually products and services that
can be marketed globally. With the support of EVE we expect
these products and services to come from businesses located
right here in Rensselaer County and the Capital Region.
And those local businesses mean more local jobs for our current
residents and a boost in our local economy that benefits
everyone,” said Rensselaer County Executive Kathleen M.
Jimino. “I want to congratulate Rensselaer Polytechnic
Institute and especially its President, Dr. Shirley Ann
Jackson, for creating this program that I am sure will not only
continue their tradition of supporting technical and
entrepreneurial excellence but will also be a boost to our
local economy.”

“My administration has created more than 1,100 jobs over the
last seven years because we’ve worked productively with
companies of all types across all industries to open or expand
in Troy. Many of these new businesses are direct descendents of
RPI’s incubator program. We will continue this partnership with
RPI and look forward to seeing future entrepreneurs from up on
the hill, make their home right here in Troy,” said Troy Mayor
Harry Tutunjian.

Under EVE, businesses that are accepted into the program
will receive a series of specific services that will help
accelerate their growth. Once a new company completes the
application process — through which Rensselaer will determine,
in part, whether the entrepreneur is willing to put in the
effort to make the company successful — the program will assign
a status to the company: pre-seed, emerging, or early stage.
Assigning these descriptions will help EVE mentors and
administrators determine the specific services needed by each
business. (A complete list of services is provided at the end
of this news release or at the EVE website: www.rpi.edu/about/eve)

EVE’s mentors — including seasoned professionals drawn from
the Institute, from the local business community, and from
Rensselaer’s considerable pool of highly successful alumni/ae —
will help these new start-ups sharpen their business plans,
establish clear goals and milestones, access technical and
legal support services as needed, identify receptive markets,
and discover additional funding opportunities. This will be
accomplished through business plan competitions, grants, loans,
and venture funds. The EVE director will work closely with the
Rensselaer Alumni Association to assist in the selection and
assignment of alumni/ae and other mentors. The Institute also
is exploring the creation of an alumni/ae supported angel
investment fund to provide funding ranging from $50,000 to
$150,000 to augment some of the alumni-sponsored grant programs
already available.

“As we have worked to reshape our business incubation
approach, we have heard from many enthusiastic and prominent
Rensselaer alumni and alumnae who are interested in
participating in and supporting emerging ventures in the early
transformative process,” said Laban Coblentz, Rensselaer chief
of staff and associate vice president for policy and planning.
“Our graduates overwhelmingly share a vision of harnessing
scientific and technological advances for social and economic
growth. It is simply how they think. They are particularly
eager to fuel the process of new business creation and
growth.”

While EVE is designed to elevate the standard of business
incubation at Rensselaer, the focus of the “ecosystem” goes
well beyond incubation, Coblentz said.

“Our goal is to facilitate and ‘turbo-charge,’ if you like,
every aspect of technology transfer, from idea generation to
patenting and licensing to global growth,” Coblentz said. “To
do that, we intend to tap the entire range of Rensselaer
resources, and to create partnerships that take symbiotic
advantage of strengths in the local community, for mutual
benefit.”

At the Institute, Coblentz cited a range of resources: the
multitude of leading-edge research centers; Vice Provost for
Entrepreneurship Rob Chernow; selected classes and courses of
study designed around innovation and entrepreneurship; the
Office of Technology Commercialization; the Rensselaer
Technology Park; and the Severino Center for Technological
Entrepreneurship. The Severino Center’s mission, for example,
is to expose Rensselaer students to the practices and
principles of entrepreneurship, and to extend Rensselaer’s
leadership and national prominence in technological
entrepreneurship.

“After more than a year of effort,” Coblentz said, “what we
are seeing is an unprecedented degree of coherence and
cooperation among all of these Rensselaer entities. EVE will
extend this same ‘ecosystem’ philosophy and approach into our
partnerships in Troy and the Capital Region — because economic
growth is not a zero-sum game.”

Microrganic Technologies — A student
company focused on using microbiotic technology to reduce the
volume of solid food wastes. Their process reduces the
volume of solid waste by 80 percent, creates heat that can be
converted to electricity, and produces commercial-grade
compost.

WindMec — A student company working on a
new design for a wind turbine that is can be used for light
industrial and commercial applications.

L.I.M.B. — A student company working on an
artificial hand that is designed to have all the functionality
of the human hand.

Seed companies:

Paper Battery — Rensselaer technology that
is an advanced energy storage device utilizing nanotechnology
on a paper-like substance to develop a device that is six times
more effective than current supercapacitors.

Ithos — This company licenses a software
product from Atrion International used to track regulatory
changes and publishes hazardous material content lists to
monitor product safety.

Ethermetrics — Manufacturers the
DataCube®, a data management system that is used to
monitor the consumption of energy and water usage.

HeliOptix — Rensselaer technology used to
develop a solar building product known as the Integrated
Concentrated Solar Facade System ( ICSF System). This is
an architectural daylighting system, designed to reduce the
mechanical cooling system costs while simultaneously
capitalizing on high-efficiency concentrating photovoltaic
cells with active heat capture and transfer, resulting in a
highly integrated and powerful system for both energy savings
and production.

Bluestone Telecommunications — A software
company that has developed a cloud-based telephony product that
mirrors all the features of big box phone systems without the
complexity, reducing operating costs and the carbon footprint
through more efficient use of server technology.

Voice Flight — A software company that has
developed the only FAA-certified voice-activated GPS flight
control system for light aircraft. They are currently working
on a version of the product for commercial airline
applications.

Early stage companies:

Prospect Genius — A software company that
utilizes Rensselaer-licensed technology to deliver qualified
sales leads to small to mid-sized companies in specific
geographic locations.

1st Playable Productions — Started by a
Rensselaer graduate, this is a software company that seeks to
make games specifically aimed at children that stimulate,
entertain, and leave lasting, positive impressions.

Ecovative Design — This company produces
100 percent biodegradable products that are used for insulation
and packing utilizing Rensselaer licensed technology. The
company has been recognized throughout the world as a leader in
the development of sustainable, green products.

Services to be provided by the new incubation program
include:

A board of advisers will be established
from community resources or alumni/ae as may be appropriate.
If a company already has a board of advisers or directors,
EVE will assign an additional person to the board to act as a
liaison to mobilize resources within the Institute.

Quarterly goals and objectives: With the
belief that new businesses need a concrete plan to succeed,
each company will develop with its advisory board three or
four key objectives, with milestones they need to accomplish
each quarter. These goals will be tracked and measured each
quarter with new goals developed for succeeding quarters.
Companies must continue to show steady progress in order to
remain in the program.

Access to Entrepreneurs in Residence (EIR) and
other RPI resources: The Institute representative
will identify resources within the Institute that can be
utilized to assist the company as needed. As a member of EVE,
a company will have access to the Entrepreneur(s) in
Residence at the Lally School as well as other resources
including labs, patenting and licensing services, faculty,
and students for work study assignments, internships (REIP),
and student projects.

Help Desk with access to professional
resources: Alumni/ae and community volunteers (e.g.,
attorneys, accountants) will be available on a rotating
schedule to answer questions, provide advice, and offer
one-time assistance for basic questions. If an EVE company
requires regular ongoing assistance, it will be encouraged to
select a professional service company from a list provided
through the EVE program. Such services may be offered at a
discount to seed and early stage companies.

Monthly CEO Roundtable discussions (may
be more frequent): EVE will host monthly peer review meetings
where the CEOs of the incubated companies get together to
talk about topics and issues of importance to them.
Participants will sign a non-disclosure agreement allowing a
platform for confidential open discussions. The mix of
pre-seed, early stage, and emerging companies provides a
framework for peer-to-peer coaching.

Funding: EVE will promote and introduce
its companies to investors, assist them in identifying and
seeking grant opportunities (NYSERDA, SBIR, etc), and help
them prepare for business plan competitions. The companies
will be given assistance in preparing applications,
presentations, and pitches. Additionally, members will be
provided access to professional grant writers to assist them
as needed.

Networking: The companies will be
invited to networking opportunities within the local business
and academic community to expand professional networks and
increase exposure to decision makers.

Rensselaer Community: The companies and
their employees will be part of the Rensselaer community. In
that regard, the companies will be invited to participate in
campus events and workshops as they occur.

Speakers Bureau: The companies will be
invited to a monthly meeting featuring a speaker or a
lecturer based upon a topic selected by the EVE company
CEOs.

Quarterly Meet-Ups: EVE will host a
quarterly meet-up for all employees of the incubated
companies. This meeting will allow the employees to build
relationships and exchange ideas.

Technology Showcases: Periodic
presentations of all EVE participating companies will be used
to showcase the companies to the Rensselaer community,
venture organizations, news media, and the community at
large.